ACME Solar Holdings
Book Building issueMainboardNSE₹2,900 Cr issue
-10.38%
Listing gain over issue price
Issue size
₹2,900 Cr
1 lot at cut-off
₹14,739
Lot size
51shares
Open
06 Nov 2024
Close
08 Nov 2024
Allotment
11 Nov 2024
Listing
13 Nov 2024
Listing performance
Issue price
₹289
Listed at
₹259
Listing-day close
₹253.50
Latest price
₹371.85
Close on 23 Oct 2026
Listing gain
-10.38%
Return since issue
+28.67%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 06 Nov 2024 – 08 Nov 2024
- Listing date
- 13 Nov 2024
- Face value
- ₹2 per share
- Issue price
- ₹289 per share
- Lot size
- 51 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹2,900 Cr
- Market cap at offer price
- ₹17,487 Cr
- Promoter holding
- 100.00% → 83.41% pre-issue → post-issue
- ISIN
- INE622W01025
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- Plot No.152, Sector 44, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,50,00,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 51 shares per lot, in multiples, at ₹289
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 51 | ₹14,739 |
| Retail (max) | 13 | 663 | ₹1,91,607 |
| S-HNI (min) | 14 | 714 | ₹2,06,346 |
| S-HNI (max) | 67 | 3,417 | ₹9,87,513 |
| B-HNI (min) | 68 | 3,468 | ₹10,02,252 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,50,00,000
Anchor portion
₹1,301 Cr
at ₹289 per share
Valuation and performance
Valuation at offer price
₹289 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.36 | 0.09 |
| P/E (×) | 21.63 | 3,211.11 |
| Price to book (×) | 7.77 | — |
| Market cap | — | ₹17,487 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 0.07%
- Debt / equity
- 3.89
- PAT margin
- 47.59%
- NAV per share
- ₹37.19
- Price to book
- 7.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About ACME Solar Holdings
ACME Solar Holdings Limited is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy ('FDRE') projects. The company develops, builds, owns, operates and maintains utility scale renewable energy projects through its in-house engineering, procurement and construction ('EPC') division and operation and maintenance team, and generates revenue through the sale of electricity to various off-takers including central and state government-backed entities. As of the date of this Prospectus, the company has an aggregate operational capacity of 1,340 MW (1,826 MWp); under construction contracted capacity of 3,250 MW and under construction awarded capacity of 1,730 MW. The company was originally incorporated as 'ACME Solar Holdings Private Limited' on June 3, 2015, and has undergone multiple conversions between private and public limited company status.
Company Analysis
from RHPACME Solar Holdings Limited develops, builds, owns, operates and maintains utility-scale renewable energy projects (solar, wind, hybrid and firm dispatchable renewable energy) in India and generates revenue through the sale of electricity to government-backed off-takers.
ACME Solar Holdings Limited is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy ('FDRE') projects. The company develops, builds, owns, operates and maintains utility scale renewable energy projects through its in-house engineering, procurement and construction ('EPC') division and operation and maintenance team, and generates revenue through the sale of electricity to various off-takers including central and state government-backed entities. As of the date of this Prospectus, the company has an aggregate operational capacity of 1,340 MW (1,826 MWp); under construction contracted capacity of 3,250 MW and under construction awarded capacity of 1,730 MW. The company was originally incorporated as 'ACME Solar Holdings Private Limited' on June 3, 2015, and has undergone multiple conversions between private and public limited company status.
Renewable EnergySolar PowerWind PowerHybrid PowerFirm and Dispatchable Renewable Energy (FDRE)
Objects of the Issue
- Investment in our Subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Subsidiaries ₹ 17,950.00 million p.32
- General corporate purposes ₹ 4,997.80 million p.32
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company and our Subsidiaries ₹17,950.00 million (to Subsidiaries) p.55
- General corporate purposes p.87
- Investment in our Subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Subsidiaries ₹ 17,950.00 million p.131
- General corporate purposes ₹ 4,997.80 million p.149
- Capital expenditure requirements for development and construction of under construction projects
Issue Structure
- Total Issue
- 100,381,678* Equity Shares of face value of ₹ 2 each, aggregating to ₹ 29,000.00* million
- Fresh Issue
- 82,907,630*# Equity Shares of face value of ₹ 2 each, aggregating to ₹ 23,950.00 million
- Offer for Sale
- 17,474,048* Equity Shares of face value of ₹ 2 each, aggregating to ₹ 5,050.00 million by the Promoter Selling Shareholder
- Price Band
- ₹ 275.00 per Equity Share (Floor Price) to ₹ 289.00 per Equity Share (Cap Price)
- Lot Size
- 51 Equity Shares of face value of ₹2 each
- Face Value
- ₹ 2 each
Business Model
ACME Solar Holdings generates revenue through the sale of electricity from its renewable energy projects to central and state government entities and government-backed corporations at pre-determined tariffs via long-term Power Purchase Agreements (typically 25 years). The company also generates revenue from Engineering, Procurement and Construction (EPC) services and Operation and Maintenance (O&M) services.
Business Segments
Development, construction, operation and maintenance of utility-scale solar power projects
Development, construction, operation and maintenance of utility-scale wind power projects
Development, construction, operation and maintenance of hybrid power projects combining solar and wind
Development, construction, operation and maintenance of FDRE projects providing assured peak power and round the clock renewable energy
Development, construction, operation and maintenance of solar power projects that generate and sell electricity to state governments and public entities under power purchase agreements
Projects for which a power purchase agreement has been signed but the project has not achieved its commercial operation date. Includes solar (AC and DC), wind and battery energy storage systems.
Projects for which the company has received a letter of award (LOA) from the off-taker but has not signed a PPA. Includes solar, wind and battery energy storage systems.
Development, construction and operation of grid-connected solar power projects under PPAs
Development, construction and operation of grid-connected wind power projects
Development, construction and operation of hybrid projects integrating solar and wind technologies
Fast-declining renewable energy projects integrating solar, wind and battery storage technologies to deliver continuous power during peak demand hours
Development, construction, ownership, operation and maintenance of utility-scale grid-connected solar power projects
Development, construction, operation and maintenance of utility-scale solar power projects for sale of electricity to central and state government entities under long-term power purchase agreements
Development, construction, operation and maintenance of wind power projects
Development, construction, operation and maintenance of wind-solar hybrid projects that combine wind and solar PV plants for optimal utilization of transmission infrastructure and land, with higher capacity utilization factors than standalone projects
Development, construction, operation and maintenance of grid-connected renewable energy projects with energy storage systems that provide firm and dispatchable power matching demand profiles specified by buying entities, including solar, wind, wind-solar hybrid with mandatory energy storage systems
Engineering design, construction contracting and management, and procurement of solar panels, wind turbines, balance-of-system components and other equipment for renewable energy projects
Generates electricity from commissioned solar power plants with total capacity of 1,340 MW across multiple states in India, with power sold to state utilities, central generating stations, and other offtakers under long-term PPAs
Develops and constructs renewable energy projects (solar, wind, FDRE, hybrid) with total contracted capacity of 3,250 MW, with PPAs signed or in process
Develops renewable energy projects (FDRE, hybrid, solar) with total awarded capacity of 1,730 MW for which Letters of Award have been received
Provides engineering, procurement, construction and operations & maintenance services for renewable energy projects
Development, construction, ownership and operation of solar energy projects with long-term power purchase agreements with state electricity boards
Generation and sale of electricity from utility-scale solar power projects
EPC services for solar power projects
Management services for solar power projects
Generation and sale of electricity from operational solar power plants to distribution companies and other customers under power purchase agreements
Supply of materials and provision of EPC services to external customers and related entities
Provision of project management services to related entities for project development and operation
SWOT Analysis
Strengths
- • Portfolio spanning solar, wind, hybrid and FDRE projects with 1,340 MW operational capacity(p.30)
- • Long-term PPAs with stable, government-backed off-takers at pre-determined tariffs(p.42)
- • High operational efficiency with average grid and plant availability above 99%(p.31)
- • Strong EBITDA margin of 82.56% in FY 2024(p.31)
- • In-house EPC and O&M capabilities developed through internal restructuring(p.46)
- • Large renewable energy player with top 10 position in India(p.153)
- • Significant operational capacity with substantial pipeline(p.153)
- • End-to-end integrated project development and execution capabilities(p.153)
- • Strong land and connectivity portfolio(p.153)
- • Diversified portfolio across multiple technologies and geographies(p.154)
- • Strong performance in FDRE competitive auctions(p.153)
- • Committed promoter with proven track record and financial support(p.154)
- • Strong financial margins and operational efficiency(p.157)
- • High EBITDA margins demonstrate strong operational profitability(p.161)
- • India's renewable energy sector benefits from government policy support and ambitious national targets(p.204)
- • Strong domestic solar manufacturing ecosystem emerging to support capacity growth(p.219)
- • Favorable technology trends with declining solar module prices reducing project costs(p.219)
- • Top 10 renewable energy player in India by operational capacity(p.254)
- • Diversified portfolio across solar, wind, hybrid and FDRE technologies(p.258)
- • Proven track record of project development and execution(p.247)
- • Long-term stable cash flows from government-backed counterparties(p.260)
- • Integrated in-house EPC and O&M capabilities(p.255)
- • Strong competitive bidding track record with high success ratio(p.256)
- • Established experience in land acquisition at scale(p.257)
- • Access to diversified funding sources and refinancing capability(p.261)
- • Extensive operational solar portfolio with 1,340 MW capacity across multiple states(p.285)
- • Long-term power purchase agreements with 25-year tenors providing revenue stability(p.285)
- • Diversified portfolio with multiple project types (solar, wind, FDRE, hybrid projects)(p.307)
- • Strong operational track record with projects commissioned since 2012(p.285)
- • Significant under-construction and awarded pipeline of 4,980 MW(p.292)
- • Large operational solar portfolio with 1,340 MW installed capacity(p.431)
- • Significant pipeline of under-construction capacity (2,900 MW)(p.431)
- • Diversified portfolio of solar projects across multiple states and developers(p.457)
- • Established relationships with major institutional lenders including IREDA, L&T Finance, PFC, REC, and SBI(p.468)
- • Strong cash position and liquidity management(p.461)
- • Long-term contracted cash flows from PPAs with government counterparties(p.461)
- • Established track record of successful debt refinancing and cost optimization(p.544)
- • Proven ability to divest mature assets at attractive valuations to high-quality investors(p.544)
- • Strong capital-efficient financing model with flexible leverage structure(p.544)
- • Access to international capital markets for green refinancing(p.544)
- • Government payment security mechanisms improving cash flow predictability(p.545)
- • Significant revenue from high-value long-term power purchase agreements(p.573)
Weaknesses
- • High dependence on ACME Cleantech for 84.48% of total purchases as of June 30, 2024(p.45)
- • Lack of definitive long-term agreements with vendors for component supply(p.45)
- • Concentration of revenue with top 10 off-takers (95.42% as of Q1 FY25)(p.43)
- • Ongoing investigations by Directorate of Enforcement relating to FEMA compliance(p.48)
- • Regulatory actions against promoters including money laundering investigations(p.48)
- • Lack of project experience in wind, hybrid, FDRE and pump storage projects(p.49)
- • Dependence on Chinese imports for critical components(p.51)
- • High proportion of Chinese equipment in total purchases(p.51)
- • Loss in Fiscal 2023 and historical subsidiary losses(p.53)
- • High debt-to-equity ratio and net debt-to-equity ratio(p.64)
- • Significant pledged cash restricting liquidity(p.65)
- • Multiple outstanding litigation matters(p.57)
- • Delays in statutory payment compliance across multiple entities(p.67)
- • Uncertainty regarding MOOWR license validity(p.80)
- • High leverage and debt burden(p.157)
- • Significant dependence on subsidiary SPVs and complex project structure(p.131)
- • High concentration of borrowings in prepayment schedule(p.132)
- • Recent asset divestment reducing operational capacity(p.158)
- • Partial ownership structure in certain projects(p.154)
- • High leverage with net debt-to-equity ratios above 2.6x indicating debt-dependent capital structure(p.161)
- • PAT margins remain volatile and compressed despite high EBITDA margins, indicating interest and tax burden(p.161)
- • Land-intensive solar projects face acquisition challenges in India's limited land availability context(p.211)
- • Heavy dependence on ACME Cleantech as primary supplier(p.279)
- • Concentration of operational projects in limited geographic areas(p.253)
- • Counterparty credit risk from financially weak distribution companies(p.246)
- • Limited project development history compared to larger competitors(p.247)
- • Execution risk in large portfolio of under-construction projects(p.246)
- • Land acquisition and availability challenges(p.246)
- • Dependence on limited number of offtakers with majority PPAs with state utilities and central agencies(p.83)
- • Project commissioning delays and payment of liquidated damages(p.308)
- • Concentration of land leases from promoter group companies creating related-party dependency(p.283)
- • Significant reliance on promoter ACME Cleantech with complex corporate structure and multiple SPVs(p.341)
- • Subsidiaries generating no revenue despite significant debt(p.351)
- • Most subsidiaries operating at losses with negative or negligible EBITDA(p.351)
- • High leverage across multiple subsidiaries with total borrowings exceeding net worth(p.351)
- • Recently incorporated subsidiaries with no financial track record(p.370)
- • Heavy debt burden with long-term borrowings of Rs. 88,522 million(p.454)
- • Disputed trade receivables of Rs. 1,081.73 million under litigation(p.419)
- • No dividend payments in last three years(p.415)
- • Reliance on multiple subsidiary auditors for financial oversight(p.420)
- • Significant capital work-in-progress aging beyond 2 years(p.444)
- • Significant debt burden with high gearing ratio(p.464)
- • High interest expense relative to revenue reducing profitability(p.458)
- • Concentrated customer base with revenue dependency on few customers(p.457)
- • Heavy capital intensity and ongoing capital work-in-progress obligations(p.496)
- • Significant dependence on related party (holding company) for loans and guarantees(p.468)
- • High finance costs consuming majority of revenue(p.544)
- • Elevated debt-to-equity ratio constraining financial flexibility(p.547)
- • Significant decline in profitability in recent quarters(p.554)
- • Heavy dependence on a small number of customers for revenue(p.573)
- • Significant contingent liabilities and disputed tax demands(p.570)
- • Multiple ongoing litigation matters involving subsidiaries affecting operational stability(p.594)
- • Promoter litigation—multiple writ petitions filed by ACME entities challenging tax provisions; pending matters(p.603)
- • Promoter engaged in tax disputes with significant disallowances and transfer pricing adjustments across multiple assessment years(p.603)
- • Promoter—ACME Cleantech—subject to Directorate of Enforcement investigations under Prevention of Money Laundering Act(p.605)
- • Promoter director facing labour law violation complaint for underpayment of workers(p.604)
- • Promoter subject to Foreign Exchange Management Act investigation by Directorate of Enforcement(p.605)
- • Promoter subject to GST assessment orders raising substantial tax demands with penalties(p.610)
- • Promoter with 44 pending tax proceedings involving ₹2,350.14 million total demand(p.610)
Opportunities
- • Significant growth in India's renewable energy capacity with target of 500 GW by 2030(p.30)
- • Expansion into wind, hybrid and FDRE projects as part of growth strategy(p.41)
- • Strong pipeline of under-construction projects providing growth trajectory(p.30)
- • Increasing solar capacity installations in India showing sustained growth(p.30)
- • Newly developed in-house EPC and O&M capabilities enabling operational control and cost optimization(p.48)
- • Expansion into new project types with significant installed capacity(p.50)
- • Government support for renewable energy development(p.66)
- • Strategic focus on hybrid and FDRE projects with higher capacity factors(p.50)
- • Acquisition of pump storage project development rights(p.50)
- • Significant connectivity secured for future project development(p.50)
- • Massive growth in renewable energy capacity addition in India(p.153)
- • Strong solar sector growth trajectory(p.153)
- • Favorable geographic distribution of solar resources in Indian states(p.154)
- • Improved payment discipline and security in renewable sector(p.154)
- • Significant acquisition of high-capacity projects from parent(p.154)
- • Listing benefits for brand enhancement and access to capital(p.130)
- • Massive solar capacity expansion pipeline with 137-142 GW expected additions over next 5 years(p.217)
- • Government annual solar bidding trajectory of 50 GW per annum supporting consistent tendering activity(p.211)
- • Higher tariff opportunities in emerging renewable energy business models like FDRE and hybrid projects(p.216)
- • Green hydrogen production driving new solar capacity demand with 34-38 GW expected by 2030(p.218)
- • Corporate renewable energy procurement accelerating via open access and PPAs(p.218)
- • Massive untapped renewable energy potential in India(p.229)
- • Government target of 450 GW renewable capacity by 2030(p.255)
- • Strong growth in wind-solar hybrid and FDRE segments(p.259)
- • Expanding battery energy storage system (BESS) opportunity(p.240)
- • Backward integration opportunity with solar module manufacturing(p.264)
- • Planned bidding trajectory ensuring steady project opportunities(p.255)
- • Improved payment security mechanisms reducing counterparty risk(p.255)
- • Expansion opportunities across geographically favorable states(p.229)
- • Growth in renewable energy capacity targets with national RPO trajectories through 2030(p.294)
- • Government support through Production Linked Incentive Scheme for domestic solar PV manufacturing(p.298)
- • Expansion into complex renewable energy project types including FDRE and hybrid projects with higher CUF potential(p.307)
- • State-level renewable energy policies promoting investment with target capacity expansion(p.300)
- • Enhanced renewable energy market infrastructure including green energy open access rules(p.295)
- • Expansion into green hydrogen and cleantech ventures(p.414)
- • Geographic diversification across multiple Indian states(p.431)
- • Expansion of solar generation capacity through new project acquisitions and development(p.456)
- • Access to capital markets through IPO to reduce leverage and debt burden(p.469)
- • Growth in operational efficiency and cost reduction through O&M services(p.466)
- • Diversification into emerging renewable energy segments like green hydrogen(p.465)
- • Government commitment to renewable energy growth through policy support(p.545)
- • Pipeline of new project signings demonstrating market demand(p.550)
- • Substantial undeployed capital capacity to fund project development(p.571)
Threats
- • Highly competitive bidding environment for renewable energy project awards(p.41)
- • Risk of PPA termination and performance bank guarantee invocation(p.42)
- • Increases in inter-state transmission system charges reducing project economics(p.41)
- • Restrictions on renewable energy equipment imports and supply chain vulnerabilities(p.27)
- • Changes in renewable energy auction processes and qualification criteria(p.41)
- • Import restrictions on renewable equipment(p.51)
- • ALMM compliance requirements restricting equipment sourcing(p.51)
- • Grid transmission constraints and curtailment risks(p.58)
- • Grid failures impacting power transmission(p.58)
- • Geographic concentration of operational capacity(p.60)
- • Natural disasters impacting operations(p.60)
- • Environmental variations affecting generation(p.72)
- • Intense competition from larger renewable energy developers(p.73)
- • Reduction or elimination of government support mechanisms(p.66)
- • Competition from conventional energy sources(p.73)
- • Regulatory and policy uncertainty(p.94)
- • Foreign investment restrictions under Indian law(p.97)
- • Share price volatility and trading restrictions post-listing(p.95)
- • Exchange rate risk for foreign investors(p.96)
- • Surveillance measures and trading restrictions from SEBI(p.96)
- • Tax policy changes affecting capital gains taxation(p.97)
- • Prepayment penalties on outstanding borrowings(p.131)
- • Anti-takeover provisions limiting potential acquisitions(p.99)
- • State distribution companies face financial stress limiting power offtake and payment security(p.198)
- • Solar tariffs remain under pressure from competitive bidding despite module price declines(p.215)
- • Transmission infrastructure delays risk project commissioning timelines and revenue realization(p.212)
- • Monsoon and weather variability impacts solar generation particularly in southern India(p.208)
- • Supply chain vulnerabilities from concentrated manufacturing capacity in China(p.219)
- • Risk of adverse changes in government policies and renewable incentives(p.246)
- • Increasing competitive intensity in renewable energy sector(p.246)
- • Cost pressures from volatile solar module and component prices(p.246)
- • Transmission connectivity constraints and delays(p.246)
- • Non-compliance with renewable purchase obligations by state discoms(p.246)
- • Climate change and extreme weather events impacting project performance(p.246)
- • Economic downturns reducing capital availability for RE investments(p.246)
- • Technology risk and dependency on imported battery cells(p.241)
- • Financial stress of state utility offtakers impacting tariff recovery(p.83)
- • Regulatory changes in electricity sector including amendments to Electricity Act(p.294)
- • Customs duty and GST impositions on solar cells and modules increasing project costs(p.298)
- • Grid integration challenges and forecasting requirements for large-scale renewable deployment(p.297)
- • Deviation settlement mechanism penalties for over/under-injections affecting grid compliance(p.296)
- • Disputes with power distribution companies affecting receivables collectability(p.419)
- • Pending Supreme Court litigation over receivables from power distribution companies(p.419)
- • Scheme of arrangement pending approval affecting business structure(p.419)
- • Regulatory risks from prepayment penalties and loan covenants(p.468)
- • Interest rate risk from variable rate borrowings exposure(p.463)
- • Counterparty credit risk from government receivables collection(p.457)
- • Liquidity risk from concentrated maturity profile of long-term debt obligations(p.462)
- • Project execution and cost overrun risks evident from capital creditor obligations(p.487)
- • Dependence on government policy continuity for regulatory support(p.545)
- • Exposure to weather-dependent power generation variability(p.573)
- • Exposure to environmental condition fluctuations affecting generation(p.573)
- • Ongoing tax and tariff-related litigation affecting margins(p.592)
- • Multiple regulatory and environmental compliance matters across subsidiaries(p.595)
- • Land-related disputes across multiple project SPVs impacting operations(p.589)
- • Regulatory and enforcement scrutiny—multiple ongoing Directorate of Enforcement and police investigations(p.605)
- • Civil litigation—petitions pending before High Courts challenging regulatory orders on power evacuation and tariffs(p.607)
- • Land-related litigation—multiple appeals pending before courts relating to land acquisitions and mutations(p.607)
- • Insurance claim disputes—complaint filed with National Consumer Disputes Redressal Commission regarding denial of insurance claim(p.609)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mamta Upadhyay | Promoter | — | — |
| Manoj Kumar Upadhyay | Promoter | — | — |
| ACME Cleantech Solutions Private Limited | Corporate Promoter and Promoter Selling Shareholder | 100.00% | 83.41% |
| MKU Holdings Private Limited | Corporate Promoter | — | — |
| Upadhyay Family Trust | Promoter Trust | — | — |
| ACME Cleantech | Corporate Promoter | 100.00% | — |
| Manoj Kumar Upadhyay | Individual Promoter/Promoter Group | — | — |
| Mamta Upadhyay | Individual Promoter/Promoter Group | — | — |
| MKU Holdings | Promoter Group | — | — |
| VRS Infotech | Promoter Group | — | — |
| ACME Cleantech Solutions Private Limited | Promoter/Promoter Group | 100.00% | 83.41% |
| ACME Cleantech | Promoter | 100% (entire shareholding of ACME Solar Holdings Limited is held by ACME Cleantech or through its nominees as of the prospectus date) | — |
| Manoj Kumar Upadhyay | Promoter | — | — |
| ACME Cleantech Solutions Private Limited | Corporate Promoter | 100.00% | — |
| MKU Holdings Private Limited | Promoter Group | — | — |
| Manoj Kumar Upadhyay | Promoter | — | — |
| Mamta Upadhyay | Promoter | — | — |
| ACME Cleantech Solutions Private Limited | Promoter | 100% | — |
| Manoj Kumar Upadhyay | Promoter | — | — |
| ACME Cleantech Solutions Private Limited | Corporate Promoter | — | — |
| MKU Holdings Private Limited | Corporate Promoter | — | — |
| Manoj Kumar Upadhyay | Promoter | — | — |
Leadership
Manoj Kumar Upadhyay · Chairman, Managing Director and Promoter
Nikhil Dhingra · Whole-Time Director and Chief Executive Officer
Shashi Shekhar · Whole Time Director and Vice Chairman
Rajesh Sodhi · Assistant Vice President, Company Secretary and Compliance Officer
Purushottam Kejriwal · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
ACME Solar Holdings IPO FAQs
What is the lot size of ACME Solar Holdings IPO?
The minimum lot size of ACME Solar Holdings IPO is 51 shares. One lot costs ₹14,739 at the cut-off price.
When does ACME Solar Holdings IPO open and close?
ACME Solar Holdings IPO opened for subscription on 06 Nov 2024 and closed on 08 Nov 2024.
What is the listing date of ACME Solar Holdings IPO?
ACME Solar Holdings IPO listed on 13 Nov 2024.